By Maya Lester QC & Michael O’Kane

US court said PDVSA debt repayments impossible due to Venezuela sanctions

The US District Court for the Southern District of New York denied Dresser-Rand Company’s motion for summary judgment to collect on a Promissory Note issued by Venezuela’s state-run oil company PDVSA for the sum of $119,645,069.70. Order and Opinion (from February 2020) here. The Court held that US sanctions designating PDVSA under Executive Order 13850 created an “impossibility of payment” …

VenezuelaVenezuela United StatesUnited States

About Maya Lester QC

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Maya Lester QC is a senior barrister (Queen’s Counsel) at Brick Court Chambers with a wide-ranging practice in public law, European law, competition law, international law, human...

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